How To Prepare Financially Before Welcoming New Baby

You probably are expecting a baby or at least planning to add a new member to your family. The feeling is exciting, but do know that it puts new pressure on your finance. Below are some important tips to help you plan ahead and budget for the new baby girl or baby boy. The suggestions are from Competition and Consumer Protection Commission (CCPC).

new baby

It is obvious budgeting strikes fear, but don’t be afraid. For novice budgeter it is recommended to use budget planner. You can get on the official website of CCPC, which is ccpc.ie. The planner is easy to understand and easy to fill up the fields too. It suggests to cut out some non-essential items from your habit like smoking or too much of coffee. You will realize it makes a big difference.

Make some changes in the household income in relation to the maternity leave entitlements and work situation. However, don’t forget that you will save money on travel costs and other expenses if you are not going to work.

Don’t forget to check with your employer what you are entitled to when you are on maternity or paternity leave. Check with the Department of Social Protection to ensure the State benefits. Don’t forget to include child benefit and other such entitlements in your new budget.

Buy all the required things before your baby arrives. You may take the benefit of once-off purchases on several items like pram, car seat and cot. Try to spread the costs over nine months period as you need to bear ongoing costs on some products like nappies when the baby is born.

Create an emergency fund so that you can meet unexpected expenses. Even a small saving every week will be good and helpful. Try to pay almost all the debt before your baby is born so that you remain at better position to deal with unexpected expenses.

Always be smart while buying and know which items are worth paying more. Some of the required items you can get at cheap price too if you do a research about local market. Don’t forget to consider the bargains in sales. You can even ask to friends and relatives for baby clothes or equipment, if they have, as they may not need those any more.

After becoming a parent try to have enough insurance to protect your family.

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